The enlargement of the euro area: what lessons can be learned from EMU? |
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Authors: | Sergio Rossi |
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Institution: | Department of Economics, University of Fribourg and Università della Svizzera Italiana, Av. de Beauregard 11, 1700 Fribourg, and Via G. Buffi 13, 6900 Lugano, Switzerland |
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Abstract: | This paper investigates what lessons may be learned from EMU for the enlargement of the euro area. It examines the situation of present and prospective EU countries in respect of nominal and real convergence. It suggests that fulfilling the EMU criteria consistently over the next few years will require huge efforts by prospective EU countries, with important output and employment losses. The possibility that present EU countries would have to bear part of these costs cannot be ruled out, with the risk of provoking tensions within the EU, in particular as regards the ‘one-size-fits-all’ monetary policy decisions of the ECB. |
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Keywords: | Author Keywords: Candidate countries Enlargement Euro area European monetary union Monetary policy |
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